Christie & Co sells L2 assets

Property agent Christie + Co has completed the sale of the freehold interests of a number of leisure and retail outlets based in Cornwall on behalf of L2 Limited administrator Grant Thornton.

The package of outlets comprised the L2 Nightclub, Bunters Bar Complex, which includes three retail units and two further high street retail units in Truro, plus the Corn Exchange bar and nightclub in Camborne.

In May this year, Christie + Co sold the freehold of the L2 Nightclub to Elm Tree Leisure Limited, the Cornish-based leisure company.

This was followed in July, by the sale of the Corn Exchange bar and nightclub, Camborne, to JD Wetherspoon.

Christie + Co has now sold the Bunters Bar Complex to Marine Sports Limited and the remaining retail units to Coastal & Country Developments.

Bunters Bar features a bar and restaurant with 100 covers, two open-plan bar areas, a games area, an external courtyard and accommodation comprising three bedrooms. The business, which has developed a good live music reputation, trades all day as a public house and has undergone a capital refurbishment programme in recent years.

The Complex part of the business features three retail units in the city's Truro Lanes, all of which are attached to Bunters, one of which was sold as an investment.

Marine Sports Limited plan a further capital expenditure programme otherwise expect to continue to trade the business along the already successful offering.

The further two retail high street units, one of which has owners accommodation are located on Kenwyn Street, were sold to Coastal & Country Developments as investment properties with tenants already in place.

Jon Clyne, from Christie + Co's Exeter Office, said: "We are delighted to have successfully completed the marketing campaign for these established leisure and retail units to a mixture of national and local operators.

"All the units generated exceptional levels of interest, with contracts signed and exchanged for the purchase of the Bunters Bar Complex within hours of a contract being issued.

"In what has been an extremely challenging market for just over two years, the disposal of L2 in Administration demonstrates that there are still good levels of cash rich purchasers in the market place, for realistically priced opportunities."

L2 in Administration was sold off an asking price of £3m.